Chairman,
Excellencies.,
Ladies and Gentlemen,

It is a great honour and pleasure for me to be here with you at this important gathering. First, I would like to express my deep appreciation to the Chairman of this Conference and the Indonesian Government for the hospitality extended to me and my delegation. I would also like to express my warm welcome to the new members of this meeting, the Foreign Ministers from the People's Republic of China, Russia, and India. Your participation will undoubtedly give an added significance to this Conference, enabling more substantial and far-reaching discussion.

Global Situation

As we have witnessed the world's rapid change throughout the - past decade, old systems have given way to new systems. The fluidity and uncertainties, in the course of such transition, are affecting all regions from East Asia to Europe, but the foundation is being laid toward a more stable world.

As another positive development, a new concept of comprehensive security has been emerging to deal with such global issues as the environment, human rights, international terrorism, crime and the non-proliferation of weapons of mass destruction. All the endeavours to meet those challenges collectively would facilitate the trend of globalism.

We also witness welcoming progress toward a peaceful settlement of regional conflicts in certain parts of the world.

The recent progress in Bosnia-Herzegovina is quite significant. The settlement of the Bosnia-Herzegovina conflict offers hope for Others who are also suffering from protracted ethnic disputes. The success of the Middle East peace process, as seen in the Palestine interim self-rule and the normalization of ties between Israel and Jordan should be also lauded.

We are also expecting important progress in the arena of global disarmament. The discussion on the Comprehensive Test Ban Treaty (CTBT) is reaching its final stages, while the lively debates on chemical and inhumane weapons are also underway.

In economic area, with the end of Cold War era, growing economic dynamism and interdependence have helped lessen the overall level of tension. The rapid expansion of both trans-continental and inter-regional economic exchanges are contributing to globalism. The inception of WM is a case in point.

The WTO rules are now governing principle for international trade and other economic activities. It certainly accelerates globalization of economic activities by expanding trade and encouraging interdependence among nations.

Even though these Positive development both in regional and global dimensions May foretell a new and stable order, they are still in need of special attention and assistance by international community to fulfill the goals of peace and prosperity in the respective regions.

On the part of the Republic of Korea, we have been actively participating in international efforts to these effects and will continue to do our due part.

In Bosnia-Herzegovina, the Korean Government is planning to assist the election process by sending monitors and election equipment as a fair and smooth election will be the key element for the future development of the situation.

In the Middle East, while hoping that the relevant parties in the region will be able to find agreeable formulas based on the "land for peace" principle to build a comprehensive and lasting peace, the Republic of Korea will make due efforts to the peace process and the economic reconstruction endeavour of this region.

With regard to the efforts for a new international economic order, the eventual success of WTO will depend upon the will of the major economic powers to comply with the rules and spirit of the Organization. The first Ministerial Conference to be held in Singapore this December, therefore, will be an important event to tone for the future WTO activities. The Republic of Korea WHI do its part for the successful conclusion of the Meeting.

Meanwhile, I believe that international community should pay attention to make sure that regionalism, which seems to burgeon recently, should be remain open-minded. Otherwise, regionalism could hinder the sound development of international trade system like an exclusive social club.

(The Asia Pacific Situation) In the Asia pacific region, the overall security environment has improved. Dynamic economic growth and deepening interdependence have a contributed to Promoting cooperative relations and reducing tensions in the region.

However, there still remain elements of instability and potential conflict. Tensions on the Korean peninsula territorial disputes over the Spratly Islands, and the overall military build-up in this area loom over the Peace and security of the entire Asia Pacific region. Under this security environment, continued U.S. Presence in this region is essential to the maintenance of Peace and security, as a reliable mechanism for comprehensive security is still far out of our vision in this area. In this respect, we welcome the commitment of the United States to remain engaged in the Asia Pacific. While the ARP is still in its infant stage, it has certainly contributed to fostering security dialogue, building trust and cooperation among member countries. The Republic of Korea will continue to work with other members of the Forum to develop regional security cooperation. It is notable among other things that the ASEAN countries have experienced remarkable economic growth for the last decade. It is commonly viewed that ASEAN will continue to contribute to the stability of the region reinforcing, economic into the 21st century. The Republic of Korea places high priority in expanding cooperation with countries in this region for the common economic prosperity as well as political stability. in this spirit., I wish to Particularly highlight the recent initiative for the development of the Mekong River Basin by ASEAN.

When it is successfully implemented, the inland areas from Southeast Asia to the southern Part of will be greatly aided in their economic development. The project's repercussions will extend further to the effect Of bringing Northeast and Southeast Asia closer. The Republic of Korea has committed itself to participate in the Mekong River Development in the areas Where our past development experiences would be best utilized, meeting the region’s need for improved infrastructure and living standards.

The Korean Peninsula

Although it was discussed in the ARF meeting yesterday, I wish to briefly touch on the situation on the Korean peninsula as the situation in North Korea poses a great challenge to the peace and stability in this part of the world.

The current unstable condition of North Korea, is attributable not Only to the economic difficulties, but to the unpredictable political leadership. This being the case, it is important to wisely deal the situation while preparing for any contingency.

Under the circumstances, the Korean Government together with the U.S. Proposed the Four-Party talks. We believe it is the most realistic and rational formula to convince North Korea to Participate in the efforts to build a durable peace structure on the Peninsula. We are eagerly expecting a positive response from the North, as it would be North Korea that would benefit most from the Four-Party talks.

We also want to encourage North Korea to open up and reform. North Korea will not be able to overcome any crisis without economic and political reforms. Thus, I wish the international community would be more forthcoming in demanding North Korea to adhere to international norms and regimes on the non-proliferation of mass destructive weapons and human rights.

Conclusion

The Asia Pacific region has shown great strides in its endeavour toward peace and economic prosperity. However, throughout the post Cold War era, we are also well aware that such achievements could be threatened due to inherent vulnerability in the global and regional structure.

We should continue to exert concerted efforts to remove the various elements of instability and to keep alive the momentum toward a more secure and prosperous Asia Pacific. To this end, the Republic of Korea will actively participate in the efforts to foster a sense of regional community through institutions like APEC and ARP.

I also wish for ASEAN PMC's continued role as an invaluable vehicle for deepening mutual understanding and cooperation among the countries involved. Especially, as we stand at the threshold of the 21st century, I am certain that our concerted march toward a stable and predictable world order will be most worthwhile.

Thank you.